Swedish defense contractor Saab AB has officially acquired East Syracuse based Sensis to form a new company, Saab Sensis Corporation.

The U.S. Trade Commission and the Committee on Foreign Investment have approved the sale, which was announced June 29.

Saab AB is paying roughly $150 million, with another $40 million possible if the company meets revenue and earning targets by 2014.

Sensis generated revenue of roughly $173 million in fiscal year 2009-2010. Sales declined to about $130 in the most recent fiscal year.

The new company, a subsidiary within the Saab Group, will leverage Saab's technology to expand Sensis' two business lines - radar and sensing equipment for the defense industry and civilian air traffic management systems around the world, said Hakan Buskhe, Saab president and CEO.

The acquisition of Sensis will "further increase our reach into the U.S. defense market," he said in a statement.

Saab Sensis has a workforce of roughly 600 and serves more than 60 customers located in more than 35 countries across six continents. Employment was about 730 a year ago.

Saab AB, now separate from the Saab automobile business, had total international sales of $3.8 billion in 2010. Roughly 18 percent, or $686 million, was in its radar-related electronic defense systems.

Saab has been working with Sensis since 2008, when Sensis began modifying and adapting a Saab radar to meet U.S. military specifications.